Our last post talked about buying luxury homes in Barrington Hills IL. With likely all of the properties listed with a brokerage, you’ll need a Barrington Hills Realtor to help you on the buying side. Statistics show us that most buyers do not consider looking for a buyers agent. About 75% of buyers will contact the listing agents of the homes they are interested in, or work with the first agent they get to speak to. This could be by calling an office and getting a rookie on the desk at that time, or from any number of Realtor lead generating web sites where often the agent buys advertising space to show up in towns they know nothing about.
Buyers don’t understand that hiring a buyers agent is in their best interest. It’s something I have been advocating for now for 10 years and it’s an uphill battle to educate buyers why it’s the best idea.
Using the listing agent creates a situation called dual agency, whereby one agent looks after the seller and the buyer in one transaction.
Why Dual Agency Is Not in a Buyers Best Interests
- The listing agent’s main goal is to sell the house.
- The listing agent has already dedicated themselves to the best interests of the seller via a written agreement.
- The listing agent becomes a facilitator, to sell the property.
- The buyer gets no help with offer pricing.
- The buyer gets no help with offer strategy.
- The buyer gets no help with counter offers or strategy.
- The buyer is NOT number one to the listing agent.
All of this might result in not finding the best house. You might over pay for a house. You might not pick the best lender for your loan. You might not be shown the negatives of any house you look at.
Why Not Hire a Barrington Hills Realtor To Be Your Buyers Agent
If you hire your own agent, you are being smart, you are putting yourself first. Did you know that whether you hire your own Barrington Hills Realtor or not, you’ll still be paying for one. Here’s why.
- The seller signs an agreement with his brokerage of choice and agrees to compensate them, usually a percentage. That’s set in stone.
- If the listing agent works both sides of the deal, the brokerage gets all of that compensation.
- The brokerage agrees to compensate some of that compensation if the buyer comes via another brokerage.
So as you see, the same amount is charged to the seller regardless of where a buyer comes from.
Given that why would you just go with the flow? Why not plan to work with someone who specializes in working for buyers, gets paid by the seller but has your best interests at heart! Isn’t that what they call a win win situation?
Of course there are many agents you could choose from.
- Friends or relatives. I have seen the best of friends and sisters end up never talking to each other again over poor real estate representation. Stop thinking about lining their pockets and think about you and your purchase, first and foremost.
- Don’t settle for the agent that answered the phone when you called an ad or a real estate company. They are just the person available right now and had nothing else to do but mind the phone. Is this your idea of a good agent?
Would it not be better to hire an active Barrington Hills Realtor, one that has things to do to help clients or promote their business, just like writing this post? Someone who promotes the advantages of buyer agency over dual agency and one that lives and works in the Barrington area, understands about protecting your investment and one that truly cares about your purchase.
Don’t get me wrong, I sell real estate for a living and I do need compensation to pay my bills, however I don’t want you to buy the wrong house. I am not a door opener, I am a confidante, an adviser, I will tell you the bad as well as the good, I will guide you on pricing, contracts, inspections, loans and everything from start to finish. It’s my chosen path and what I do best.
What Happens If You Hire The Wrong Realtor? Don’t worry you’re not the first and you don’t have to be stuck with someone you now realize is not working in your best interests, especially if that also happens to be the listing agent. This is also why we recommend home buyers interview several Realtors. Find someone who you feel will be the best for the job and who clicks with your personality type.
Let Us Know If You Need Help.